The Pensions Regulator

Regulator sets out strategic direction for next three years

Ref: PN08-09
24 April 2008

The Pensions Regulator today published its second corporate plan, setting out its view of the pensions landscape, strategic direction and outcomes to be achieved during the next three years.

The plan also highlights the progress made by the regulator in the building and development of the organisation, systems, culture and processes.

During the next three years from 2008 to 2011 the regulator plans to continue to meet its objectives, delivering against the challenges and core themes set out in the medium term strategy to:

• strengthen defined benefit scheme funding – completing the third year of the tri-annual scheme funding review;
• improve governance of work-based pensions – influencing behaviours to improve governance standards;
• reduce risks to members of defined contribution schemes – developing and implementing DC regulation approach; and
• deliver effective risk-based regulation – sustaining continuous improvement.

Pensions Regulator chief executive Tony Hobman said: "Our overriding goal remains to meet our continuing statutory objectives, working efficiently and in partnership with the regulated community, government and key stakeholders.

"We will also need to plan to meet emerging challenges arising from changes in the pensions landscape, such as the government's pensions reform agenda, to ensure our overall approach remains fit for purpose."

The Pensions Regulator will be publishing a consultation document on its longer-term strategy in the summer of 2008.

Editor's notes

1. The Corporate plan 2008-2011 incorporates the Business plan for the year 2008-2009. The regulator's Medium term strategy was published in April 2006. All documents are available on the Pensions Regulator website.
2. Working in partnership with key stakeholders, the Pensions Regulator has begun to define new priorities through its strategic enquiry process. The outcome of this exercise will be a new ten-year strategic vision. This longer-term strategic vision will help the regulator to continue to enhance and embed its position and approach to regulation in response to the developing needs of the industry.
3. The Pensions Regulator is the regulator of work-based pension schemes in the UK, with objectives to protect members' benefits, promote good administration and reduce the risk of calls on the Pension Protection Fund. Our focus is on education and enablement, with risk-based intervention where appropriate. Under the Pensions Act 2004 we have the ability to:
4. • collect detailed information, including scheme returns, information through the scheme specific funding regime and reports from trustees, employers and whistleblowers;
   • issue notices requiring actions to be taken, freeze a scheme at risk, prohibit trustees who are judged not fit and proper to carry out their duties or appoint independent trustees;
   • issue a contribution notice where there is a deliberate attempt to avoid liabilities, or a financial support direction where the employer is a service company or insufficiently resourced.